The Insolvency and Bankruptcy Board of India (IBBI) has notified the regulations for handling of grievances and complaints against Insolvency-related service providers.
The regulations enable a stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation or bankruptcy transaction to file a grievance or a complaint against service provider. The service provider could be an insolvency professional agency, Insolvency professional, Insolvency professional entity or information utility.
The regulations provide for an objective and transparent procedure for disposal of grievances and complaints by the IBBI, an official release said. The regulations, which are effective from December 7, do not spare a mischievous service provider. At the same time, they don't also harass an innocent service provider, release added.
Srivats.kr@thehindu.co.in